Equities in Canada’s financial capital moved barely higher in early trade on Thursday, as energy stock gains offset losses for Manulife Financial Corp after its earnings missed estimates.
The S&P/TSX Composite nosed ahead 2.04 points to begin Thursday at 14,514.19
The Canadian dollar gained 0.16 cents to 76.69 cents U.S.
Manulife Financial posted second-quarter results which were below market expectations and warned of a charge of up to $500 million in the third quarter.
Manulife shares tumbled 93 cents, or 5.2%, to $16.99
Canadian Natural Resources reported a smaller quarterly loss as lower expenses helped offset a slump in crude prices.
Natural Resources shares slid 55 cents, or 1.4%, to $38.88.
Canadian Tire’s quarterly profit rose 8.1%, helped by higher sales of sports gear and apparel.
The retailer’s shares galloped $1.84, or 1.3%, to $138.82.
Desjardins raised the price target on Aecon Group to $21 from $20, with buy rating
Aecon shares leaped $1.10, or 6.5%, to $18.10.
Barclays raises price target on Husky Energy to $23.00 from $22.00 with overweight rating.
Husky shares gained 19 cents, or 1.2%, to $16.43.
Canaccord Genuity raised price target on IAMGOLD to $7.50 from $6.50, with hold rating.
IAMGOLD shares hiked 17 cents, or 2.5%, to $7.07.
ON BAYSTREET
The TSX Venture Exchange recouped 3.12 points to 808.30
Nine of the 13 subgroups were higher, with health-care and information technology sharing leader honours, up 0.6% each, while telecoms slid 0.4%.
The four laggards were weighed by metals and mining, dropping 0.5%, financials, poorer by 0.3%, and utilities, clicking 0.2% lower.
ON WALLSTREET
Equities in the United States traded lower on Thursday, with energy lagging, after the Bank of England's first rate cut since 2009.
The Dow docked 24.83 points to 18,330.17, with Home Depot contributing the most losses.
The S&P 500 faded 2.71 points to 2,161.08, with energy leading six sectors lower and consumer staples the top riser.
The NASDAQ Composite moved lower 12.73 points to 5,147
Meanwhile, earnings season in the U.S. continued to wind down, as Viacom, Teva Pharmaceuticals and Kellogg, among others, posted quarterly results. Tesla Motors also posted quarterly results Wednesday after the bell, falling short of estimates on both the top and bottom line.
Investors also digested U.S. economic data, as weekly jobless claims came in slightly above expectations. U.S. factory orders for June fell 1.5%, less than expected.
The U.S. Bureau of Labor Statistics is scheduled to release the July jobs report Friday morning.
Besides lowering rates, the BOE also increased its government bond-buying program by £60 billion to £435 billion
Prices for the 10-year Treasury gained ground, lowering yields to 1.49% from Wednesday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices gained one cent a barrel to $40.84 U.S.
Gold prices regained $5.30 to $1,370 U.S. an ounce.
